Re-imagining higher education to ensure ROI

Looking at recent headlines, the value of higher education has come under attack, as the question “Is college still worth it?” continues to be raised.

As the cost of higher education has increased exponentially – Education Data Initiative notes college tuition inflation has averaged 12% annually from 2010 to 2022 – people are waffling on if a college degree is for them. And, when the cost of attending a traditional higher education institution can reach hundreds of thousands of dollars, those same people, the questioners, are crunching the numbers to determine when they’ll be able to recuperate their investment.

Of course, the cost of higher ed isn’t equal across the board; the training and price varies based on where it’s taking place: in a classroom on a college campus, in the field at a career technical institution, or online from an accredited university. Students need to be aware there are diverse options available to meet their individual needs and expectations.

Regardless of where and how students learn, to remain relevant, universities, colleges and other training and educational providers should re-evaluate their course and program offerings to ensure there’s a positive ROI for students upon course and program completion. Students need to know at the beginning of their educational or training journey what tangible job opportunities exist that match the skills, knowledge and abilities they are acquiring. They also need to know what their salaries could be, given the applicable job opportunities, to justify the cost of that training and education.

We must meet job and salary expectations and provide an ROI embraced by learners by better-aligning courses, degrees, specialized certificates and other educational opportunities with in-demand workforce skills and marketplace gaps.

A clear understanding of how to navigate the industry they will be entering, where the higher-paying jobs will be upon graduation, and the qualifications needed to land one, is imperative. Labor market data analytics that reflect real-time job post information and identify the industries expected to expand in the coming years are important to help ensure that relevant courses, certificate and degree programs are developed to match those needs. Students also benefit from learning tangible skills and how to use industry tools from instructors with real-world experience in their fields of study that they can apply on the job from day one, ultimately setting them up for career growth and advancing their earning potential.

For example, according to the Colorado Department of Labor and Employment, healthcare practitioner/technical and healthcare support jobs are expected to grow by 23% and 25%, respectively, in Colorado over the next 10 years. Or consider that Colorado is anticipating a 28% increase in positions in the computer and mathematical fields in the next decade.

To address these workforce trends, schools and other education and training providers must prepare students for careers in computer science or healthcare by offering certificates, degrees and training that include courses such as software engineering or emerging technologies for healthcare.

To help establish and then fulfill learner ROI expectations, it’s not enough to know there are jobs out there. Students need to know what they can expect to earn in those jobs to feel confident about moving forward with their education. For example, a degree in computer science can help land a software developer position, with earnings up to $127,000. A healthcare quality and patient safety undergraduate certificate allows for work as a medical and health services manager, making up to $110,000. Both offer salaries far above Colorado’s average annual salary of $56,700. Sharing this information in advance gives students a clearer picture of what to expect from the cost of their degree or certificate.

Data from Colorado State University (CSU Global)’s 2024 Return on Investment survey provides tangible evidence that higher education does in fact provide value to learners. More than 93% of CSU Global undergraduate degree and certificate completers are working, with more than 77% employed in their field of study. Further, graduate program completers are experiencing median income increases of 30% to over 83% post-program completion, depending on the program. Similarly, undergraduate program completers are experiencing a percentage increase in median income of 4% to 58% after graduation, again depending on the program completed.

Change is inevitable, and to stay relevant we need to adapt. Today, the cost of everything is being scrutinized, including the cost of advanced education. Colleges, universities and other institutions and training organizations can change the conversation by intentionally developing education and training offerings that align with dynamic job markets. This enables students to secure positions based on their training that provide compensation that meet their expectations. Additionally, institutions of higher education regularly evaluating and collecting data on their learner ROI will help ensure that the skills, knowledge and abilities they are teaching continue to meet the needs of today’s learners navigating an evolving and increasingly dynamic workplace.

Becky Takeda-Tinker, Ph.D., is the president and CEO at CSU Global, the first 100% online, institutionally accredited public university in the U.S.